🧵 1. Brace for layoffs as ING's new AI model outperforms humans in pricing currencies, freeing up resources and leading to a shift towards AI in finance. #fintech
🧵 1. Brace for layoffs as ING's new AI model outperforms humans in pricing currencies, freeing up resources and leading to a shift towards AI in finance. #fintech
🧵 2. The AI model uses reinforcement learning to mimic humans' pricing decisions, performing beyond expectations and prompting a focus on developing more AI solutions.
🧵 3. James Robinson, a machine learning expert, leads ING's AI initiative, aiming to streamline operations in the global currency market and reduce costs.
🧵 4. Banks are racing to embrace AI technology to stay competitive in a $7.5 trillion-a-day market, while questions remain about complete automation and human oversight.
🧵 5. Despite concerns about accountability and the role of traders, ING emphasizes the importance of human monitoring to address potential AI malfunctions and ensure smooth operations.
🧵 Read more at: https://www.zerohedge.com/markets/brace-layoffs-ings-new-ai-model-definitely-outperforming-humans-pricing-currencies